TCRAP_Public/131211.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

         Wednesday, December 11, 2013, Vol. 16, No. 245


                            Headlines


A U S T R A L I A

GENERAL MOTORS: Unit Asks Help as it Considers Australia Future
SHARR PTY: Clifton Hall Appointed as Liquidators


C H I N A

XINYUAN REAL ESTATE: Fitch Rates $200MM Senior Notes at 'B+/RR4'


I N D I A

A. R. CHAINS: CRISIL Rates INR80MM Loan at 'B+'
A S P PVT: CRISIL Suspends 'B+' Ratings on INR125MM Loans
ACCLAIM INDUSTRIES: CRISIL Suspends B Ratings on INR520MM Loans
AMRIT ENVIRONMENTAL: CRISIL Suspends D Ratings on INR175MM Loans
B.B. STYRO: CRISIL Reaffirms 'B' Ratings on INR89.8MM

BINA COMMERCIAL: CRISIL Reaffirms 'B-' Rating on INR50MM Loan
BINJUSARIA METAL: CRISIL Cuts Ratings on INR140MM Loans to 'B+'
BRAHMAPUTRA TECHNOLOGIES: CARE Rates INR16cr LT Loans at 'B+'
CHAMUNDA MULTIMETALS: CRISIL Suspends B+ Ratings on INR65MM Loan
DESIGNER EXPORT: CRISIL Reaffirms 'B-' Rating on INR50MM Loan

DHINGRA JARDINE: CRISIL Suspends B- Rating on INR420MM Loan
EKVIRA COTEX: CARE Assigns 'B+' Rating to INR6.58cr LT Bank Loans
FARMS INDIA: ICRA Assigns 'B+' Ratings to INR5.46cr Loans
GAYATRI ROLLING: CRISIL Reaffirms 'B' Ratings on INR85.9MM Loans
GK SHELTERS: ICRA Assigns 'B+' Rating to INR50cr Term Loan

HALDIA STEELS: ICRA Suspends 'B+' Rating on INR53CR Loans
HARISONS AND HARLAJ: CRISIL Cuts Rating on INR13.9MM Loan to B+
INDIAN SUGAR: CRISIL Assigns 'B' Ratings to INR1.27BB Loans
JAWAHAR MEDICAL: CRISIL Ups Rating on INR10MM Loan to 'B+'
JAWAHAR SHETKARI: CRISIL Raises Ratings on INR672MM Loans to 'B-'

KAMDHENU FOODS: CRISIL Suspends 'B+' Rating on INR90MM Loan
L7H LIFE: ICRA Assigns 'B-' Rating to INR8.61cr Term Loans
LORENZO VITRIFIED: CRISIL Assigns 'B' Ratings to INR360MM Loans
MULTI MAX: CRISIL Suspends B Ratings on INR151.5MM Loans
MULTI-FLEX LAMI-PRINT: CRISIL Cuts Ratings on INR675MM Loans to D

NAMA HOTELS: ICRA Suspends 'D' Rating on INR252.93cr Loans
NATIONAL SPOT: Assets May Be Liquidated To Pay Investors
NATURE EFFICIENT: CARE Assigns 'B+' Rating to INR13.96cr LT Loans
PANCHSHEEL BUILDTECH: CRISIL Suspends B+ Rating on INR900MM Loans
RADHAMOHAN BUILDERS: CARE Reaffirms B- Rating on INR13.96cr Loans

RAMKRISHNA SOLVEX: ICRA Suspends 'D' Rating on INR7cr Loans
SANYA HOSPITALITY: CRISIL Reaffirms D Rating on INR1.65BB Loan
SHREE SATSANGI: CRISIL Reaffirms 'D' Rating on INR101.5MM Loan
SHREE TATYASAHEB: CRISIL Cuts Ratings on INR1.0BB Loans to 'D'
SLEEV TOBACCO: CRISIL Lowers Ratings on INR105MM Loans to 'D'

SRC PROJECTS: CRISIL Reaffirms 'B-' Rating on INR65MM Loan
SRI SARASWATHI: CRISIL Reaffirms 'B' Rating on INR22.5MM Loan
THERMOSOL GLASS: CRISIL Assigns 'B+' Ratings to INR470MM Loans
TIRUPATI EDUCATIONAL: CRISIL Suspends B- Rating on INR60MM Loan
VISHVAS GINNING: CRISIL Ups Ratings on INR145MM Loans to 'B+'


N E W  Z E A L A N D

ASTRA ENTERPRISES: Liquidator Can't Take Theft Case to High Court
JASONS TRAVEL: Bennetts Group Acquires Assets From Receivers
WELLINGTON FOODBANK: Being Liquidated Following Fundraising


P H I L I P P I N E S

MANILA SEEDLING: Quezon City Government Shuts Down Compound
* PHILIPPINES: Regulators to Shore Up Country's Insolvency System


S O U T H  K O R E A

* SOUTH KOREA: More Big Businesses at Risk of Insolvency


X X X X X X X X

* Upcoming Meetings, Conferences and Seminars


                            - - - - -


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A U S T R A L I A
=================


GENERAL MOTORS: Unit Asks Help as it Considers Australia Future
---------------------------------------------------------------
Brett Foley and David Fickling at Bloomberg News report that
General Motors Co.'s Holden unit has made the case for continued
government assistance in Australia as it considers whether to keep
making cars in the nation.

Annual subsidies of about AUD150 million ($136 million) a year
result in AUD33 billion of economic activity, Managing Director
Mike Devereux told the government's Productivity Commission in
Melbourne on December 10, Bloomberg relays. Detroit-based GM
hasn't made a decision on its future in Australia beyond 2016, he
said.

"That is a very good return for the economy of this country,"
Bloomberg quotes Mr. Devereux as saying. "There is a level of
assistance that needs to be there for GM to make a business case
viable to be able to make cars here."

According to the report, the local car-making operations of GM,
Ford Motor Co. and Toyota Motor Corp. have been hit by an
Australian dollar that surged almost 50 percent against the U.S.
dollar from 2009 to 2012, making exports uncompetitive and
boosting the appeal of imports.  Facing a deteriorating budget
position, Prime Minister Tony Abbott's coalition government plans
to cut AUD500 million from subsidies to the car industry by 2015,
the report relays.

Australia's Acting Prime Minister Warren Truss has written to GM
asking for an "immediate statement clarifying their intentions,"
he told parliament in Canberra Dec. 10, Bloomberg relays.

Holden continues to make the case to GM that it wants to make two
types of vehicles in Australia, Mr. Devereux said, amid reports by
the Australian Broadcasting Corp. and The Wall Street Journal that
the unit will cease production in the country as soon as 2016. It
costs the company AUD3,750 more to produce a car in Australia than
at other plants in Asia, Mr. Devereux, as cited by Bloomberg,
said.

                     About Motors Liquidation

General Motors Corporation and three of its affiliates filed for
Chapter 11 protection (Bankr. S.D.N.Y. Lead Case No. 09-50026) on
June 1, 2009.  The Honorable Robert E. Gerber presides over the
Chapter 11 cases.  Harvey R. Miller, Esq., Stephen Karotkin,
Esq., and Joseph H. Smolinsky, Esq., at Weil, Gotshal & Manges
LLP, assist the Debtors in their restructuring efforts.  Al Koch
at AP Services, LLC, an affiliate of AlixPartners, LLP, serves as
the Chief Executive Officer for Motors Liquidation Company.  GM
is also represented by Jenner & Block LLP and Honigman Miller
Schwartz and Cohn LLP as counsel.  Cravath, Swaine, & Moore LLP
is providing legal advice to the GM Board of Directors.  GM's
financial advisors are Morgan Stanley, Evercore Partners and the
Blackstone Group LLP.  Garden City Group is the claims and notice
agent of the Debtors.

The U.S. Trustee appointed an Official Committee of Unsecured
Creditors and a separate Official Committee of Unsecured
Creditors Holding Asbestos-Related Claims.  Lawyers at Kramer
Levin Naftalis & Frankel LLP served as bankruptcy counsel to the
Creditors Committee.  Attorneys at Butzel Long served as counsel
on supplier contract matters.  FTI Consulting Inc. served as
financial advisors to the Creditors Committee.  Elihu Inselbuch,
Esq., at Caplin & Drysdale, Chartered, represented the Asbestos
Committee.  Legal Analysis Systems, Inc., served as asbestos
valuation analyst.

The Bankruptcy Court entered an order confirming the Debtors'
Second Amended Joint Chapter 11 Plan on March 29, 2011.  The Plan
was declared effect on March 31.

On Dec. 15, 2011, Motors Liquidation Company was dissolved.  On
the Dissolution Date, pursuant to the Plan and the Motors
Liquidation Company GUC Trust Agreement, dated March 30, 2011,
between the parties thereto, the trust administrator and trustee
-- GUC Trust Administrator -- of the Motors Liquidation Company
GUC Trust, assumed responsibility for the affairs of and certain
claims against MLC and its debtor subsidiaries that were not
concluded prior to the Dissolution Date.


SHARR PTY: Clifton Hall Appointed as Liquidators
------------------------------------------------
Timothy Clifton and Mark Hall of Clifton Hall were appointed Joint
and Several Liquidators of Sharr Pty Ltd on Dec. 9, 2013.

A meeting of creditors will be held at 10:00 a.m. on Dec. 20,
2013, at Clifton Hall, Level 1, 12 Gilles Street, in Adelaide.



=========
C H I N A
=========


XINYUAN REAL ESTATE: Fitch Rates $200MM Senior Notes at 'B+/RR4'
----------------------------------------------------------------
Fitch Ratings has assigned Xinyuan Real Estate Co., Ltd.'s USD200m
13% senior notes due 2019 a final 'B+'/'RR4' rating. The notes are
rated at the same level as Xinyuan's senior unsecured rating as
they represent direct, unconditional, unsecured and unsubordinated
obligations of the company. The final rating is in line with the
expected rating assigned on 22 November 2013 and follows the
receipt of final documents conforming to information already
received.

Key Rating Drivers:

Financial Strength Balances Scale: Xinyuan's rating reflects its
solid financial strength, especially in maintaining sufficient
cash to meet short-term debt obligations. Its small scale
constrains its business diversity, with a narrow product mix,
limited geographical spread, and a small number of projects being
sold in a year relative to peers. Xinyuan's low EBITDA margin of
about 13% on a five-year rolling average basis reflects that it is
susceptible to sudden sharp home price swings, such as that in
2008.

Asset-Light Small Homebuilder: Xinyuan's small holding of property
development assets give its creditors less protection in the event
of asset liquidation. Its land bank by saleable gross floor area
(GFA) of 1.6m sqm was less than half the size of similarly rated
peers. Xinyuan's contracted sales of CNY3.9bn in the first nine
months of 2013 and Fitch's expectation of record presales in 4Q13
suggest the company can achieve contracted sales above CNY5bn this
year, comparable to other 'B+' rated Chinese homebuilders.

Land Cost Affects Margin: Xinyuan's high proportion of land cost
versus its selling price kept profit margin low. Land cost has
been between 20% and 30% of its average selling prices (ASP),
compared with less than 20% for most Chinese homebuilders. The
higher proportion of land cost was in part due to its land being
acquired in land auctions and also partly because Xinyuan's fast
turnover business model does not allow for much land price
appreciation, given the short lead time between land acquisition
and the start of presales. However, the company aims to partly
mitigate this by acquiring land plots through negotiated land
auctions, so that land costs may be closer to 20% of ASP.

Healthy Credit Metrics: Xinyuan has been in a net cash position
since 2011. Its low inventory levels are a result of its high
asset turnover strategy, thus minimising investments in
development properties. Fitch expects the company's 2013
contracted sales/total debt ratio to be between 2.5x and 3.0x,
making it the highest among Fitch-rated Chinese homebuilders.

Replicating Home Base Success: Xinyuan has developed 24 projects
since 2001, 16 of which are in Zhengzhou. Since 2007, the company
has replicated its successful Zhengzhou developments in other
cities. This has helped Xinyuan gain new markets in Jinan,
Kunshan, Chengdu, Suzhou and Xuzhou, which are now growth
opportunities for Xinyuan.

Faster Expansion: The USD109m of equity and convertible debt it
raised from private equity investor TPG Asia VI SF in September
2013, followed closely by this note issuance, shows that the
company will continue to accelerate its growth plan in 2014. Prior
to these fund raisings, its land bank has already grown by 33%
from 1.2m sqm in 2012. Fitch expects these expansions to increase
Xinyuan's net debt/adjusted inventory towards 25% in 2014 from a
net cash position of USD15m in September 2013.

Rating Sensitivities:

Negative: Future developments that may, individually or
collectively, lead to negative rating action include:

   -- reduction of scale as reflected by a fall in GFA land
      bank to less than two years

   -- contracted sales falling below CNY5bn

   -- net debt/adjusted inventory rising above 25%

   -- changes to its fast turnover model such that contracted
      sales/total debt falls below 1.5x

Positive: Positive rating action is not expected in the next 18-24
months due to Xinyuan's small operational scale and lack of
business diversification. However, future developments that may,
individually or collectively, lead to positive rating action
include:

   -- significant increase in scale as reflected by contracted
      sales exceeding CNY15bn

   -- increase in business diversification by geography, by
      product mix as well as in presence in a greater number of
      cities

   -- maintaining a strong financial profile



=========
I N D I A
=========


A. R. CHAINS: CRISIL Rates INR80MM Loan at 'B+'
-----------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facilities of A. R. Chains.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit              80       CRISIL B+/Stable

The rating reflects ARC's below-average financial risk profile,
marked by modest net worth, and exposure to intense competition in
the jewellery industry. These rating weaknesses are partially
offset by the extensive experience of the promoter in the gold
jewellery manufacturing segment.

Outlook: Stable

CRISIL believes that ARC will continue to benefit over the medium
term from its proprietor's extensive industry experience. The
outlook may be revised to 'Positive' if the firm generates larger-
than-anticipated cash accruals, thereby improving its financial
risk profile. Conversely, the outlook may be revised to 'Negative'
if ARC records lower-than-expected revenues or profitability, or
undertakes a large debt-funded capital expenditure programme or
deterioration in its working capital management. Any significant
capital withdrawals by the proprietor, leading to weakening of
ARC's financial risk profile could also result in a 'Negative'
outlook revision.

ARC was set up in 2013 as a sole proprietorship firm by Mrs.
Rahumath S. The firm, based in Kollam (Kerala), manufactures gold
jewellery. Mr. M Hussain manages ARC's daily operations.


A S P PVT: CRISIL Suspends 'B+' Ratings on INR125MM Loans
---------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of A S P
Pvt Ltd.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit             111.6     CRISIL B+/Stable Suspended

   Letter Of Guarantee      35.0     CRISIL A4 Suspended

   Proposed Long-Term        5.8     CRISIL B+/Stable Suspended
   Bank Loan Facility

   Term Loan                 7.6     CRISIL B+/Stable Suspended

The suspension of ratings is on account of non-cooperation by ASPL
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, ASPL is yet to
provide adequate information to enable CRISIL to assess ASPL's
ability to service its debt. The suspension reflects CRISIL's
inability to maintain a valid rating in the absence of adequate
information. CRISIL considers information availability risk as a
key credit factor in its rating process and non-sharing of
information as a first signal of possible credit distress, as
outlined in its criteria 'Information Availability Risk in Credit
Ratings'

Set up in 1961 as Associated Steel Products Corporation Pvt Ltd,
the entity based in Howrah (West Bengal) manufactures hot-dipped
galvanised fasteners that are used in transmission line towers.
Its product profile includes nuts, bolts, washers, screws, and
rivets. In 1979, the company was taken over by the present
management led by Mr. Vinod Kumar Sharma and Mr. Arun Kumar
Sharma, and renamed ASPL in 1995. ASPL has two units in Howrah,
with a total capacity of around 8000 tonnes per annum (tpa). Unit
2 is under development and is expected to be fully operational by
around May 2012 with an additional capacity of 9790 tonnes. ASPL
has 70 to 80 clients, with Power Grid Corporation Ltd, National
Thermal Corporation Ltd, Gammon India Limited, Tata Projects Ltd,
KEC International Ltd among its key clients. SFC, a group firm in
the same line of business has a capacity of around 150 tonnes per
month.


ACCLAIM INDUSTRIES: CRISIL Suspends B Ratings on INR520MM Loans
---------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Acclaim
Industries Limited.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit               60      CRISIL B/Stable Suspended

   Letter of Credit          30      CRISIL A4 Suspended

   Proposed Long-Term       460      CRISIL B/Stable Suspended
   Bank Loan Facility

   Standby Letter of
   Credit                    50      CRISIL A4 Suspended

The suspension of ratings is on account of non-cooperation by AIL
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, AIL is yet to
provide adequate information to enable CRISIL to assess AIL's
ability to service its debt. The suspension reflects CRISIL's
inability to maintain a valid rating in the absence of adequate
information. CRISIL considers information availability risk as a
key credit factor in its rating process and non-sharing of
information as a first signal of possible credit distress, as
outlined in its criteria 'Information Availability Risk in Credit
Ratings'

AIL, incorporated in August 1992, is a public limited company
listed on Bombay Stock Exchange, with majority shares (about 55
per cent) held by the Mehta family. The company trades in steel
products, chiefly mild steel (MS) angles, MS channels, MS plates,
and thermo mechanically treated bars. It was initially
incorporated as Elpro Packaging Ltd; its name was later changed to
its current one with change in the shareholding. Mr. Abhishek
Mehta, along with his father Mr. Rajesh Mehta, manages the overall
operations of the company. AIL plans to venture into the business
of manufacturing aluminium ingots and billets. The plans are still
at a very nascent stage.


AMRIT ENVIRONMENTAL: CRISIL Suspends D Ratings on INR175MM Loans
----------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of Amrit
Environmental Technologies Private Limited.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit               50      CRISIL D Suspended
   Rupee Term Loan          125      CRISIL D Suspended

The suspension of ratings is on account of non-cooperation by
AETPL with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, AETPL is yet to
provide adequate information to enable CRISIL to assess AETPL's
ability to service its debt. The suspension reflects CRISIL's
inability to maintain a valid rating in the absence of adequate
information. CRISIL considers information availability risk as a
key credit factor in its rating process and non-sharing of
information as a first signal of possible credit distress, as
outlined in its criteria 'Information Availability Risk in Credit
Ratings'

AETPL, a wholly owned subsidiary of OGPL, is an 8-megawatt
biomass-based power plant using mustard husk as fuel. OGPL is a
100 per cent subsidiary of Singapore-based holding company Orient
Green Power Pte Ltd, which is part of Shriram EPC Ltd. AETPL's
plant is in Kotputli (Rajasthan) and was acquired by OGPL from SM
Environmental Technologies Pvt Ltd in December 2008 in an
operational condition. AETPL had signed a 10-year power purchase
agreement (PPA) with Jaipur Vidyut Vitran Nigam Ltd to sell power
at a price of about INR4.7 per unit in 2009-10; the PPA has an in-
built escalation of 5 per cent per year in the tariff. Currently,
the tariff rate has been increased to INR5.2 per unit.


B.B. STYRO: CRISIL Reaffirms 'B' Ratings on INR89.8MM
------------------------------------------------------
CRISIL's ratings on the bank facilities of B.B. Styro Extrusion
Private Limited continues to reflect BBSEPL's limited track record
and modest scale of operations and accruals, and exposure to risks
related to intense competition in the disposable kitchenware
industry. These rating weaknesses are partially offset by the
extensive industry experience of BBSEPL's promoters.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Bank Guarantee           2.5      CRISIL A4 (Reaffirmed)

   Cash Credit             13.3      CRISIL B/Stable (Reaffirmed)

   Inland/Import            3.7      CRISIL A4 (Reaffirmed)
   Letter of Credit

   Term Loan               76.5      CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that BBSEPL will continue to benefit over the
medium term from its promoters' extensive experience in the
disposable kitchenware industry. The outlook may be revised to
'Positive' if the company's scale of operations and cash accruals
improve significantly. Conversely, the outlook may be revised to
'Negative' if BBSEPL undertakes a significantly debt-funded
capital expenditure programme, leading to deterioration in its
overall financial risk profile.

Update:

For 2012-13 (refers to financial year, April 1 to March 31),
BBSEPL's business and financial risk profiles were in line with
CRISIL's expectations. The company's liquidity profile continued
to remain stretched.

BBSEPL registered revenues of INR109 million for 2012-13 which was
in line with CRISIL's expectations. The company's revenue growth
was healthy in 2012-13 which was its first full year of operation.
BBSEPL's operating margin was above-average at 15 per cent for
2012-13 and is expected to remain at similar levels. The company's
operations remained working capital intensive with gross current
assets (GCA) of 135 days as on March 31, 2013 and expected to
remain at similar levels over the medium term.

BBSEPL's financial risk profile continues to remain weak marked by
high gearing of 3.4 times as on March 31, 2013; however, about 22
per cent of the debt is unsecured loans from promoters. Because of
modest accruals of INR2 million for 2012-13 and high gearing,
BBSEPL's debt-protection metrics are weak with interest coverage
and net cash accruals to total debt ratios of 1.1 and 0.02 times
for 2012-13. CRISIL believes that BBSEPL's financial risk profile
will remain weak over the medium term.

BBSEPL's liquidity remains stretched marked by insufficient cash
accruals as against term debt repayments of INR12 million for
2013-14. The company's promoters have, however, supported the
liquidity through regular infusion of unsecured loans.

BBSEPL reported, on a provisional basis, a profit after tax (PAT)
of INR1.7 million on net sales of INR108 million for 2012-13; the
company reported a PAT of INR0.8 million on net sales of INR8.7
million for 2011-12.

BBSEPL was established in 2009 by Mr. Kishan Goyal and his
brother, Mr. Rohit Goyal, in Howrah (West Bengal). The company
manufactures disposable polystyrene plates, trays, and bowls.
BBSEPL started commercial operations from December 2011.


BINA COMMERCIAL: CRISIL Reaffirms 'B-' Rating on INR50MM Loan
-------------------------------------------------------------
CRISIL's ratings on the bank facilities of Bina Commercial
Corporation continue to reflect the firm's below-average financial
risk profile marked by small net worth, high total outside
liabilities to tangible net worth ratio, and below-average debt
protection metrics, and its fluctuating operating margin. These
rating weaknesses are partially offset by the benefits that BCC
derives from its management team's extensive experience in the
iron and steel trading business.

                         Amount
   Facilities          (INR Mln)   Ratings
   ----------          ---------   -------
   Cash Credit             50      CRISIL B-/Stable (Reaffirmed)

   Letter of Credit &      40      CRISIL A4 (Reaffirmed)
   Bank Guarantee

Outlook: Stable

CRISIL believes that BCC will continue to benefit over the medium
term from its management's industry experience. The outlook may be
revised to 'Positive' if BCC's revenue and profitability increase
significantly or in case of any sizeable equity infusion leading
to sustained improvement in the firm's financial risk profile.
Conversely, the outlook may be revised to 'Negative' if the firm
contracts substantial debt, most likely because of deterioration
in its working capital cycle, or if the firm's revenue and
profitability decline significantly, resulting in deterioration in
its financial risk profile.

BCC was set up in 1989 as a proprietorship firm by Mr. Vinod Kumar
Agarwal in Kolkata (West Bengal). The firm trades in iron and
steel products, including mild steel pipes, thermo-mechanically-
treated steel bars, mild steel rounds/flats, channels, and angles,
in the domestic market.

For 2012-13 (refers to financial year, April 1 to March 31), BCC
reported a net profit of INR0.9 million on net sales of INR255.1
million, against a net profit of INR0.7 million on net sales of
INR197.7 million for 2011-12.


BINJUSARIA METAL: CRISIL Cuts Ratings on INR140MM Loans to 'B+'
---------------------------------------------------------------
CRISIL has downgraded its ratings on the bank loan facilities of
Binjusaria Metal Box Company Pvt Ltd to 'CRISIL B+/Stable/CRISIL
A4' from 'CRISIL BB-/Stable/CRISIL A4+'.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Bank Guarantee           30       CRISIL A4 (Downgraded from
                                     CRISIL A4+)

   Cash Credit             100       CRISIL B+/Stable (Downgraded
                                     from CRISIL BB-/Stable)

   Letter of Credit         60       CRISIL A4 (Downgraded from
                                     CRISIL A4+)

   Proposed Cash            40       CRISIL B+/Stable (Downgraded
   Credit Limit                      from CRISIL BB-/Stable)

The downgrade in ratings reflects continued pressure on BMBCPL's
business risk profile marked by declining revenues on account of
slowdown in construction and real estate activity in the state of
Andhra Pradesh (AP). Moreover, the company's profitability has
been under pressure due to sub-optimal capacity utilisation,
coupled with increase in power and fuel surcharge. Consequently,
it has low cash accruals of just about INR4 million in 2012-13
(refers to financial year, April 1 to March 31). Moreover, the
sluggish demand has resulted in an increase in inventory levels to
216 days as on March 31, 2013 from 100 to 150 days in the past.
CRISIL believes that revival of developmental activities in the
state and continued funding support from promoters will be
critical for BMBCPL to maintain its credit risk profile over the
medium term.

The ratings reflect BMBCPL's below-average financial risk profile,
marked by a modest net worth and weak debt protection metrics. The
ratings also factor in BMBCPL's relatively small scale of
operations with largely regional presence and susceptibility of
operating margin to fluctuations in raw material prices. These
rating weaknesses are mitigated by BMBCPL's promoters' extensive
experience in the steel long industry in AP.

Outlook: Stable

CRISIL believes that BMBCPL's credit risk profile will remain
exposed to demand scenario in light of the political and economic
uncertainty in its operating region. The outlook may be revised to
'Positive' in case the company significantly scales up its
operations and profitability, while maintaining its capital
structure. Conversely, the outlook may be revised to 'Negative' in
case of further stretch in the working capital cycle and decline
in cash accruals leading to further deterioration in liquidity or
BMBCPL undertakes any debt-funded capital expenditure programme
thereby weakening its financial risk profile.

Incorporated in 1985 by Mr. Anil Kumar Kedia, BMBCPL manufactures
mild steel billets, ingots and thermo-mechanically treated steel
bars.

BMBCPL reported a profit after tax (PAT) of INR1.0 million on net
sales of INR312 million for 2012-13, against a PAT of INR3.1
million on net sales of INR471 million for 2011-12.


BRAHMAPUTRA TECHNOLOGIES: CARE Rates INR16cr LT Loans at 'B+'
-------------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of
Brahmaputra Technologies.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank        16.0       CARE B+ Assigned
   Facilities

The rating assigned by CARE is based on the capital deployed by
the partners and the financial strength of the entity at present.
The rating may undergo change in case of withdrawal of the
capital or the unsecured loans brought in by the partners in
addition to the financial performance and other relevant factors.

Rating Rationale

The rating assigned to the bank facilities of Brahmaputra
Technologies is constrained by its nascent stage of operations,
vulnerability of profitability to volatile raw material price,
working capital intensive nature of operations and its presence in
the highly competitive and fragmented wire industry.

The rating, however, favourably takes into account the experience
of the partners in the wire industry and location advantage in
terms of favourable government policies.

The ability of the company to stabilize its operations and achieve
the projected scale of operations and profitability levels would
be the key rating sensitivities.

Brahmaputra Technologies was setup as a partnership firm in April
2012 by Mr Sanjeev Jaiswal and Mr Pritomjit Hazarika based out of
Guwahati, Assam, It is engaged in the manufacturing of Black wire,
Galvanized Wire (GI) wire and wire nails. The manufacturing
facility of the firm is located in Guwahati, Assam. The unit
commenced commercial production in June 2013, with an installed
capacity of 6,700 Metric Tonne per annum (MTPA). The unit was
setup at an aggregate cost of INR17.7 crore, which was financed by
way of partner's capital/unsecured loans of INR9.2 crore and debt
of INR8.5 crore (at a debt equity mix of 0.92:1).


CHAMUNDA MULTIMETALS: CRISIL Suspends B+ Ratings on INR65MM Loan
----------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of Shri
Chamunda Multimetals Private Limited.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit               20      CRISIL B+/Stable Suspended
   Letter of Credit          25      CRISIL B+/Stable Suspended
   Term Loan                 20      CRISIL B+/Stable Suspended

The suspension of ratings is on account of non-cooperation by SCM
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, SCM is yet to
provide adequate information to enable CRISIL to assess SCM's
ability to service its debt. The suspension reflects CRISIL's
inability to maintain a valid rating in the absence of adequate
information. CRISIL considers information availability risk as a
key credit factor in its rating process and non-sharing of
information as a first signal of possible credit distress, as
outlined in its criteria 'Information Availability Risk in Credit
Ratings'

Incorporated in 2008, SCM manufactures mild steel ingots. Based in
Gobindgarh Punjab, the company has an installed capacity of 16,200
tonnes per annum (tpa) and commenced commercial production in May
2010. Promoted by Mr. Kuldeep Mittal and his family, the company
traded iron and steel scrap till May 2010, post which, the entire
operations are focussed on manufacturing mild steel ingots.


DESIGNER EXPORT: CRISIL Reaffirms 'B-' Rating on INR50MM Loan
-------------------------------------------------------------
CRISIL's rating on the bank facility of Designer Export continue
to reflect the firm's large working capital requirements, and
below-average financial risk profile, marked by modest net worth,
weak capital structure and debt protection metrics. These rating
weaknesses are partially mitigated by the promoters' extensive
experience in the ready-made garments (RMG) segment.

                        Amount
   Facilities         (INR Mln)   Ratings
   ----------         ---------   -------
   Cash Credit          50.00     CRISIL B-/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that DE will benefit from the extensive experience
of its promoters in the textile industry over the medium term. The
outlook may be revised to 'Positive' if the firm reports an
increase in its cash accruals and a prudent working capital cycle,
thereby improving its financial risk profile, particularly
liquidity. Conversely, the outlook may be revised to 'Negative' if
DE's working capital cycle stretches, resulting in weak liquidity;
or the firm undertakes any large debt-funded capital expenditure
(capex) programme, resulting in deterioration of its capital
structure.

DE was established as a partnership concern by Mr. Raj Kumar Dugar
and his family in Kolkata (West Bengal), in 1999. The firm
manufactures RMG (mostly T-shirts, track suits, and night wear for
men, women, and kids) and trades fabric.

DE reported a profit after tax (PAT) of INR2.4 million on net
sales of INR274 million for 2012-13 (refers to financial year,
April 1 to March 31), vis--vis a PAT of INR2.7 million on net
sales of INR236 million for 2011-12.


DHINGRA JARDINE: CRISIL Suspends B- Rating on INR420MM Loan
-----------------------------------------------------------
CRISIL has suspended its rating on the bank facility of Dhingra
Jardine Infrastructure Private Limited.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Working Capital           420     CRISIL B-/Stable Suspended
   Demand Loan

The suspension of ratings is on account of non-cooperation by DJI
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, DJI is yet to
provide adequate information to enable CRISIL to assess DJI's
ability to service its debt. The suspension reflects CRISIL's
inability to maintain a valid rating in the absence of adequate
information. CRISIL considers information availability risk as a
key credit factor in its rating process and non-sharing of
information as a first signal of possible credit distress, as
outlined in its criteria 'Information Availability Risk in Credit
Ratings'

DJI was incorporated in 2006 to develop a group housing project in
Faridabad (Haryana). The company is part of the Dhingra group,
managed by Mr. Virendra Dhingra and his son, Mr. Sanjeev Dhingra.


EKVIRA COTEX: CARE Assigns 'B+' Rating to INR6.58cr LT Bank Loans
-----------------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of Ekvira
Cotex Private Limited.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank        6.58       CARE B+ Assigned
   Facilities

Rating Rationale

The rating assigned to the bank facilities of Ekvira Cotex Private
Limited is constrained on account of its weak financial risk
profile marked by a fluctuating income, thin profitability margins
and stressed debt coverage indicators, susceptibility of operating
margins to cotton price fluctuation and seasonality associated
with cotton availability. The rating is further constrained on
account of its presence in a highly fragmented industry with
limited value addition, highly regulated cotton prices and working
capital intensive nature of the operations.

However, the rating derives strengths from the experienced
management and location advantage for the procurement of raw
cotton.

The ability of the company to increase its scale of operations
while moving up in the cotton value chain and improvement in the
financial risk profile along with managing the volatility in raw
material prices are the key rating sensitivities.

Incorporated in 2005, Ekvira Cotex Private Limited was initially
set up by Mr Goverdhan Modi. Later in May 2010, the company was
taken over by Mr Pawan Agrawal and Mr Mayank Agrawal. The company
was set up to undertake the business of cotton ginning and cotton
seeds extraction. ECPL operates from its sole manufacturing unit
located at Arvi, Dhule district of Maharashtra with an installed
capacity of 10,200 Metric Tonnes Per Annum (MTPA) as on
March 31, 2013. Furthermore, the company extracts around 750
quintals of cotton seeds per day in the ginning and pressing
process as a by-product. The company procures raw cotton directly
from the farmers based out in and around Dhule. ECPL operates for
6-8 months in a year based on the availability of raw material
during the season. ECPL supplies the finished products to many
companies located in and around the vicinity of Maharashtra like
Shri Madhur food Product Pvt Ltd (rated 'CARE BB-', 'CARE A4'),
M/s Shivprakash Omprakash & Co, Ruchi Worldwide Limited (rated
'CARE BBB(SO)', 'CARE A3+(SO)'), Shrigopal Ramesh Kumar Sales
Private Limited (rated 'CARE BB','CARE A4') and Rohit Ginning &
Pressing Mill etc.

In FY13 (refers to the period April 1 to March 31) ECPL
registered a PAT of INR0.06 crore on a total operating income of
INR19.15 crore as against PAT of INR0.08 crore on a total
operating income of INR24.24 crore in FY12.


FARMS INDIA: ICRA Assigns 'B+' Ratings to INR5.46cr Loans
---------------------------------------------------------
ICRA has assigned long-term rating of '[ICRA]B+' to the INR 3.80
Crore long-term term loans and INR 1.66 Crore cash credit
facilities of Farms India Chicken.

                         Amount
   Facilities          (INR crore)    Ratings
   ----------          -----------    -------
   LT-Term Loans           3.80       [ICRA]B+ assigned
   LT-Cash Credit          1.66       [ICRA]B+ assigned

The rating considers the vast experience of the promoters in the
poultry and poultry related business of over two decades,
operational synergies being part of the FIC Group and favourable
long term demand prospects for the domestic poultry industry. With
an operating income of around INR 30.8 Crore in 2012-13, FIC's
scale of operations is currently small, which limits pricing
flexibility and restricts insulation against major shocks.

The ratings also consider the inherent risks in the poultry and
related businesses, in terms of disease outbreaks, the timeliness
of which cannot be predicted, and the seasonality in demand and
consumption pattern. The firm's margins are thin, inherently to
the feeds business, and are susceptible to the price fluctuations
in raw materials, namely Maize and Soya, thus restricting the
firm's accruals. Lower accruals coupled with the debt funded
capital expenditure undertaken in the recent past stretch the
firm's debt coverage metrics currently; although the infusion of
capital by the partners in 2012-13 supports the capital structure.
Going forward, the firm's ability to improve its scale of
operation with comfortable accruals position and better debt
indicators would be key credit monitorables.

Established in 1987, Farms India Chicken is engaged in hatchery
operations and manufacturing of poultry feeds. FIC was promoted by
Mr. T.S Pramod who is the managing partner of the firm. His
brother, Mr. T.S Praveen and brother in law, Mr. Bini E.G are the
other partners of the firm. The firm has a breeding unit and feed
unit in Pollachi, Tamil Nadu. FIC's revenue mainly come from sale
of feeds. The firm sells all hatchable eggs and feeds to its
sister concern - Sree Vinayaka Feeds and PTS Agencies. FIC Group
at present has 350 franchisees with an area of more than 10 lacs
Sq.ft. and a rearing capacity of 1 lac birds per week.

Recent Results

The firm reported an operating income of INR30.8 Crore for 2012-13
with a net profit of INR0.6 Crore.


GAYATRI ROLLING: CRISIL Reaffirms 'B' Ratings on INR85.9MM Loans
----------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Gayatri
Rolling Mills Pvt Ltd continue to reflect its below-average
financial risk profile, marked by modest net worth, moderate
gearing and inadequate debt protection metrics; and a modest scale
of operations. These rating weaknesses are partially offset by
GRMPL's semi-integrated operations, and the promoters' extensive
experience in manufacturing and trading steel products.

                        Amount
   Facilities         (INR Mln)   Ratings
   ----------         ---------   -------
   Cash Credit           55       CRISIL B/Stable (Reaffirmed)

   Term Loan             30.9     CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that GRMPL will continue to benefit from the
promoters' extensive industry experience. The outlook may be
revised to 'Positive' if the company reports a significant
increase in its cash accruals by improving its revenues and
profitability, while maintaining the working capital cycle.
Conversely, the outlook may be revised to 'Negative' if the
company generates lower-than-expected cash accruals or a stretch
in the working capital cycle, thereby affecting the company's
ability to service its debt obligations.

Update

GRMPL reported subdued revenues of INR413 million in 2012-13
(refers to financial year, April 1 to March 31) vis--vis INR425
million in the previous year. The company's revenues are
constrained by lower-than-expected utilisation of its
manufacturing facilities due to insufficient power supply. GRMPL
reported an operating margin of 5 per cent in 2012-13, from 4.2
per cent in 2011-12. CRISIL believes that GRMPL will maintain its
modest revenues and operating margin over the medium term,
constrained by low capacity utilisation and high competition in
the steel industry.

GRMPL's financial risk profile remains below-average marked by
modest net worth and moderate gearing of INR63 million and 1.42
times, respectively, as on March 31, 2013, along with inadequate
debt protection metrics with ratios of interest cover and net cash
accruals to total debt (NCATD) of 1.64 and 0.08 times,
respectively, for 2012-13. Additionally, GRMPL's liquidity is
stretched, marked by closely matched cash accruals vis--vis debt
obligations, and fully utilised bank limits due to working-
capital-intensive operations. GRMPL is likely to generate cash
accruals of around INR8 million which will be closely matched with
its maturing debt obligations of INR7 million in 2013-14. The
company has working-capital-intensive operations, with inventory
and debtors of around 1 month and over 4 months, respectively, as
on March 31, 2013, resulting in fully utilised bank limits. CRISIL
believes that GRMPL's financial risk profile will remain below-
average over the medium term, constrained by its modest accretion
to reserves and large working capital requirements.

GRMPL reported a profit after tax (PAT) of INR2.7 million on net
sales of INR412.7 million for 2012-13, vis--vis a PAT of INR2.6
million on net sales of INR425.2 million for 2011-12.

GRMPL was established as a partnership firm in 2005, and was
consequently reconstituted as a private limited company in 2006 by
the Agarwal family of Raipur, Chhattisgarh. The company
manufactures mild-steel (MS) ingots and steel bars. It has a
production capacity of 20,000 tonnes per annum (tpa) of MS bars
and 33,500 tpa of MS ingots. The company's units are ISO 9001:2008
certified.


GK SHELTERS: ICRA Assigns 'B+' Rating to INR50cr Term Loan
----------------------------------------------------------
ICRA has assigned '[ICRA]B+' rating to the INR50.00 crore term
loan facilities of GK Shelters Private Limited.

                          Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Term Loan               50.00      [ICRA]B+/assigned

The rating takes comfort from the vast experience of GKS'
promoters in the real estate industry and relatively lower
execution risk for its ongoing projects as they are in advanced
stages of completion.

The rating is however constrained due to the moderate sales
velocity for the ongoing projects. The company's high debt levels
led to stretched capital structure as reflected by gearing of
6.45xs as on Sept. 30, 2013, thus limiting its financial
flexibility. The rating also factors in significant expansion
plans of the company, which exposes it to market, funding and
execution risks. Moreover, GKS also faces risk of geographical
concentration as all the major projects are being executed in the
city of Bangalore.

Going forward, ability of the company to achieve healthy booking
levels, maintain high collection efficiency and execute its
ongoing projects in a timely manner would be the key rating
sensitivities.

G K Shelters Private Limited, incorporated in May, 2007 under The
Companies Act, 1956 is into the business of real estate
development. It is represented by its Managing Director Mr.
K.Narasimhulu Naidu, who is engaged in this line of activity for
more than 22 years. The Promoters have acquired good experience in
this field and enjoy good reputation in the market. The sound
track record maintained by them has enabled them to be successful
entrepreneurs in this business.

The company has successfully completed two residential projects GK
Jewel City in Bangalore and GK Pearl in Chennai. They are
currently developing 3 residential projects; GK Golden City, GK
Lake View and GK Meadows in Bangalore.

Recent Results

The Firm reported net profit of INR0.83 crore on operating income
of INR14.37 crore for FY 2013 as compared to a net profit of
INR1.60 crore on operating income of INR23.18 crore for FY 2012.


HALDIA STEELS: ICRA Suspends 'B+' Rating on INR53CR Loans
---------------------------------------------------------
ICRA has suspended the '[ICRA]B+' rating assigned to the INR18.00
crore term loan and INR 35.00 crore cash credit facilities, and
[ICRA]A4 rating to the INR30.00 crore non fund based bank
facilities and INR10.00 crore short term fund based sub-limit
under the cash credit limit of Haldia Steels Limited. The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.


HARISONS AND HARLAJ: CRISIL Cuts Rating on INR13.9MM Loan to B+
---------------------------------------------------------------
CRISIL has downgraded its ratings on the bank loan facilities of
Harisons and Harlaj Ltd (Harisons; part of the Harisons group) to
'CRISIL B+/Stable/CRISIL A4' from 'CRISIL BB/Stable/CRISIL A4+'.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Bank Guarantee            2       CRISIL A4 (Downgraded from
                                     'CRISIL A4+')

   Bill Purchase-
   Discounting Facility     35       CRISIL A4 (Downgraded from
                                     'CRISIL A4+')

   Export Packing Credit   115       CRISIL A4 (Downgraded from
                                     'CRISIL A4+')

   Term Loan                13.9     CRISIL B+/Stable (Downgraded
                                     from 'CRISIL BB/Stable')

The rating downgrade reflects the deterioration in the Harisons
group's financial risk profile, particularly its liquidity, driven
by moderation in its cash accruals as against large debt
repayments. The group's cash accruals were impacted by its net
loss due to the loss it booked on sale of assets. Over the medium
term, the expected increase in the Harisons group's working
capital requirements, driven by the continual stretch in its
receivables and high inventory levels, combined with its moderate
cash accruals, is likely to result in increased reliance on
working capital debt. This would lead to a leveraged capital
structure, and hence to the group's financial risk profile
remaining weak.

The ratings continue to reflect the Harisons group's modest scale
of operations, with high geographic and customer concentration in
its revenue profile, and its average financial risk profile. These
rating weaknesses are partially offset by the group's established
position in the home furnishing market, backed by its promoters'
extensive industry experience.

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of Harisons and its associate concern,
Harihar Textiles (Harihar). This is because the two entities,
together referred to as the Harisons group, are in the same line
of business and Harisons owns an 85 per cent stake in Harihar.

Outlook: Stable

CRISIL believes that the Harisons group will continue to benefit
over the medium term from its established position in the home
furnishing market, backed by its promoters' extensive industry
experience. The outlook may revised to 'Positive' if there is a
considerable improvement in the group's financial risk profile,
particularly its liquidity, driven most likely by better working
capital management and higher cash accruals. Conversely, the
outlook may be revised to 'Negative' if the Harisons group's
liquidity deteriorates further on account of lower-than-expected
cash accruals, or large debt-funded capital expenditure or working
capital requirements.

Set up in 1979 as a partnership firm, Harisons was reconstituted
as a private limited company in 1995. The company manufactures
carpets, cushion covers, and other home furnishing items, such as
bath mats, door mats, bed covers, and curtains. It exports its
products to Europe, the US, and Japan.

Harihar was incorporated in 2009 to backward-integrate the
operations of Harisons. However, the management has changed its
plans to manufacture cotton yarn and now plans to install a
shuttleless loom at Harihar. The cost of the plant is expected to
be around INR100 million; the entire cost will be funded with term
debt and with equity infusion by Harisons and its promoters.


INDIAN SUGAR: CRISIL Assigns 'B' Ratings to INR1.27BB Loans
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Indian Sugar Manufacturing Company (Unit No. 2)
Ltd [formerly known as Indian Sugars (Madha) Ltd].

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Proposed Long-Term
   Bank Loan Facility      142.7     CRISIL B/Stable

   Term Loan             1,130.5     CRISIL B/Stable

The rating reflects ISML's exposure to risks associated with
project implementation, and to regulatory risks and cyclicality in
the sugar industry. These rating weaknesses are partially offset
by the above-average visibility of sugarcane supply for ISML
because of the advantageous location of its project, and its
promoters' extensive industry experience.

Outlook: Stable

CRISIL believes that ISML will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the company completes its
project in time and within the budgeted cost, and thereafter
generates better-than-expected cash accruals during its initial
phase of operations. Conversely, the outlook may be revised to
'Negative' in case of a time or cost overrun in implementation of
the project, or lower-than-expected cash accruals during the
initial phase of operations, or if ISML undertakes a further debt-
funded capital expenditure programme, resulting in pressure on its
liquidity.

Incorporated in 2011, ISML is promoted by Mr. Ranjitsingh B Shinde
and his family. The company is currently setting up a sugar plant
(capacity of 5000 tonnes crushed per day) along with a co-
generation power plant of 25 megawatts in Solapur (Maharashtra).
The project is expected to begin commercial operations in October
2014.


JAWAHAR MEDICAL: CRISIL Ups Rating on INR10MM Loan to 'B+'
----------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Jawahar Medical Foundation to 'CRISIL B+/Stable' from 'CRISIL B-
/Stable', while reaffirming its rating on JMF's short-term bank
facilities at 'CRISIL A4'.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Bank Guarantee           121      CRISIL A4 (Reaffirmed)

   Overdraft Facility        10      CRISIL B+/Stable (Upgraded
                                     from 'CRISIL B-/Stable')

The rating upgrade reflects improvement in JMF's business risk
profile driven by increased revenue and profitability in 2012-13
(refers to financial year, April 1 to March 31). The trust
recorded operating income growth of around 24 per cent during
2012-13 over the previous year, and its operations turned
profitable at the operating level in 2012-13; the trust incurred
loss at the operating level over the three years through 2011-12.
Operating profit led to positive cash accruals of INR18.8 million
during 2012-13. The improvement in JMF's business risk profile has
translated into improvement in its financial risk profile,
particularly its liquidity. Significant and sustainable
improvement in cash accruals has resulted in relatively lower
reliance on overdraft facility by JMF during 2013-14, which, along
with no long-term debt, has led to improvement in the trust's
liquidity.

The ratings continue to reflect JMF's small scale of operations
with geographic concentration in revenue profile, and the trust's
vulnerability to regulatory risks associated with educational
institutions. These rating weaknesses are partially offset by the
high occupancy at JMF's institutes, the healthy demand prospects
for the education industry, and the trust's moderate financial
risk profile marked by comfortable capital structure.

Outlook: Stable

CRISIL believes that JMF's scale of operations will continue to
benefit from its long-standing presence in the medical education
industry. The outlook may be revised to 'Positive' in case of
higher-than-expected operating income and cash accruals along with
healthy occupancy. Conversely, the outlook may be revised to
'Negative' in case of weakening in JMF's financial risk profile,
particularly its liquidity, most likely because of lower-than-
expected cash accruals, or in case of larger-than-expected debt-
funded capital expenditure.

JMF, established in I987, has a campus in Dhule (Maharashtra). In
1989, JMF set up ACPM Hospital in Dhule. JMF operates three
educational institutes-ACPM Medical College, ACPM Dental College,
and ACPM College of Nursing-offering graduation, post-graduation,
and diploma courses; JMF also operates a medical store. The
trust's day-to-day operations are managed by Dr. Ashish Patil and
Mr. Kunal Patil.

JMF reported a net loss of INR0.4 million on revenue of INR251.6
million for 2012-13; the trust reported a net loss of INR20.2
million on revenue of INR203.8 million for 2011-12.


JAWAHAR SHETKARI: CRISIL Raises Ratings on INR672MM Loans to 'B-'
-----------------------------------------------------------------
CRISIL has upgraded its ratings on the bank facilities of Jawahar
Shetkari Sahakari Soot Girni Ltd to 'CRISIL B-/Stable/CRISIL A4'
from 'CRISIL D/CRISIL D'.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Bank Guarantee           10       CRISIL A4 (Upgraded from
                                     'CRISIL D')

   Cash Credit             290       CRISIL B-/Stable (Upgraded
                                     from 'CRISIL D')

   Long-Term Loan          382       CRISIL B-/Stable (Upgraded
                                     from 'CRISIL D')

The rating upgrade follows timely servicing of debt obligations by
Jawahar Shetkari over the six months ended November 2013 on the
back of improved accruals, supported by sharply increased sales
and recovery in profitability. The upgrade factors in CRISIL's
expectation that Jawahar Shetkari's accruals over the medium term
will remain sufficient to cover its maturing obligations,
especially amid moderated inventory policies.

The ratings reflect Jawahar Shetkari's weak financial risk
profile, marked by a modest net worth, a highly leveraged capital
structure, and inadequate debt protection metrics. The rating also
factors in the society's large working capital requirements and
its susceptibility to volatility in cotton prices. However,
Jawahar Shetkari benefits from its established position in the
yarn manufacturing segment.

Outlook: Stable

CRISIL believes that Jawahar Shetkari's financial risk profile
will remain constrained over the medium term, with a highly
leveraged capital structure, due to its large debt obligations.
The society will, however, continue to benefit over this period
from its established position in the yarn manufacturing industry.
The outlook may be revised to 'Positive' if Jawahar Shetkari
reports a significant and sustained improvement in its
profitability and sales, while improving its capital structure.
Conversely, the outlook may be revised to 'Negative' if the
society's liquidity weakens, most likely due to lower-than-
expected accruals or deterioration in its working capital
management.

Jawahar Shetkari was registered as a co-operative society in 1981
in Dhule (Maharashtra). It was set up by Mr. Rohidas Patil. The
society manufactures yarn in the count of 24s to 42s, and sells to
wholesalers and hosiery garment manufacturers in India and abroad
(particularly in Bangladesh). Jawahar Shetkari has a cotton
spinning mill in Dhule, with capacity of 88,704 spindles.


KAMDHENU FOODS: CRISIL Suspends 'B+' Rating on INR90MM Loan
------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Kamdhenu Foods Limited.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit               90      CRISIL B+/Stable Suspended
   Letter of Credit          10      CRISIL A4 Suspended

The suspension of ratings is on account of non-cooperation by KFL
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, KFL is yet to
provide adequate information to enable CRISIL to assess KFL's
ability to service its debt. The suspension reflects CRISIL's
inability to maintain a valid rating in the absence of adequate
information. CRISIL considers information availability risk as a
key credit factor in its rating process and non-sharing of
information as a first signal of possible credit distress, as
outlined in its criteria 'Information Availability Risk in Credit
Ratings'

Incorporated in 1993, KFL trades dairy products, such as skimmed
milk powder, dairy whitener, lactose, and ghee. The company
procures these products from various established manufacturers and
sells them across the country. Earlier, KFL also manufactured
dairy products, but discontinued the same in 2002.


L7H LIFE: ICRA Assigns 'B-' Rating to INR8.61cr Term Loans
----------------------------------------------------------
ICRA has assigned the long-term rating of '[ICRA]B-' to the
INR8.61 crore term loans facilities of L7H Life Resources Private
Limited. ICRA has also assigned the short-term rating of
'[ICRA]A4' to the INR8.00 crore non-fund based (sub-limit)
facilities of L7H.

                         Amount
   Facilities          (INR crore)    Ratings
   ----------          -----------    -------
   Term Loans              8.61       [ICRA]B-/assigned

   Non-fund based         (8.00)      [ICRA]A4/assigned
   Facilities

The assigned rating favorably takes into account the strong
promoter background with more than two decades of experience in
the education industry and comprehensive range of diagnostic
service offerings across areas of radio diagnosis, cardiology,
gastroenterology, nephrology, oncology, dermatology etc supporting
its business prospects. The rating is however constrained due to
relatively nascent stage of operations, margin pressures expected
to arise out of stiff competition from other low-cost laboratories
within hospitals as well as other organized and unorganized
diagnostic centres in the Bangalore city and lack of any direct
experience of the promoters' in medical diagnostics business;
albeit offset to an extent by experienced medical staff.

Moreover, with company having commenced its full operations only
in April 2013, L7H was unable to generate revenues commensurate
with the fixed costs (mainly rental and admin expenses), resulting
in cash losses during 2012-13. Since the company's internal
accruals are likely to remain weak in the initial years of
operations, the financial profile of the company is expected to
remain stretched in the near term owing to its recent debt funded
capital expenditure (towards replenishment of medical equipments
and machineries).

Promoted by Mr. B. Premnath Reddy, L7H Life Resources Private
Limited is engaged into providing diagnostic services under the
brand "Silver Line Diagnostics" .The Company offers diagnostic
services in the field of radiology imaging, cardiology, pathology
and health checkups. Mr. B. Premnath Reddy ventured into health
care services by acquiring a diagnostic centre previously being
operated by Rainbow Medical Services Private Limited (RMS). L7H
purchased all the medical equipments and machinery from RMS at a
total consideration of about INR 2.8 crore mainly funded through
promoter capital. The company commenced its operations in April
2013 and is presently operating out of a leased premise with a
lease agreement of 10 years.
Recent Results

For 2012-13, the company reported net loss of INR0.8 crore on an
operating income of INR0.2 crore.


LORENZO VITRIFIED: CRISIL Assigns 'B' Ratings to INR360MM Loans
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to the
bank facilities of Lorenzo Vitrified Tiles Pvt Ltd.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Term Loan                140      CRISIL B/Stable
   Letter of Credit          10      CRISIL A4
   Bank Guarantee            80      CRISIL A4
   Cash Credit              220      CRISIL B/Stable


The ratings reflect LVTPL's exposure to intense competition in the
vitrified tiles industry, vulnerability of its operating margin to
volatility in raw material prices, and its working-capital-
intensive operations. These rating weaknesses are partially offset
by the extensive industry experience of the company's promoters
and its moderate capital structure.

Outlook: Stable

CRISIL believes that LVTPL will continue to benefit over the
medium term from its promoters' extensive industry experience and
its favourable location. The outlook may be revised to 'Positive'
in case of significant improvement in LVTPL's cash accruals,
driven by higher-than-expected sales and profitability, along with
sustenance of its moderate capital structure. Conversely, the
outlook may be revised to 'Negative' if the company generates
lower-than-expected accruals, its working capital cycle lengthens,
or it undertakes a large debt-funded capital expenditure
programme, resulting in deterioration in its financial risk
profile, particularly its liquidity.

Incorporated in 2006, LVTPL commenced commercial production in
2008. It is engaged in manufacturing and marketing of vitrified
tiles under the brand names Lorenzo and Speedo. The company is
promoted by Mr. Babubhai Gadera and Mr. Mansukhbhai Kordiya.

For 2012-13 (refers to financial year, April 1 to March 31), LVTPL
reported a profit after tax (PAT) of INR9.4 million on net sales
of INR857.6 million, against a PAT of INR3.4 million on net sales
of INR832.1 million for 2011-12.


MULTI MAX: CRISIL Suspends B Ratings on INR151.5MM Loans
--------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Multi Max Engineering Works Private Limited.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Bank Guarantee           110      CRISIL A4 Suspended
   Cash Credit              123      CRISIL B/Stable Suspended
   Long-Term Loan            25.1    CRISIL B/Stable Suspended
   Standby Line of
   Credit                     3.4    CRISIL B/Stable Suspended


The suspension of ratings is on account of non-cooperation by
MEPL with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, MEPL is yet to
provide adequate information to enable CRISIL to assess MEPL's
ability to service its debt. The suspension reflects CRISIL's
inability to maintain a valid rating in the absence of adequate
information. CRISIL considers information availability risk as a
key credit factor in its rating process and non-sharing of
information as a first signal of possible credit distress, as
outlined in its criteria 'Information Availability Risk in Credit
Ratings'

MEPL was established as a proprietorship firm in 1978 by Mr. Ravi
Aggarwal and was reconstituted as a private limited company in
2007-08 (refers to financial year, April 1 to March 31). The
company, based in Meerut (Uttar Pradesh), manufactures pressure
vessels and heat exchangers, which are used in the oil and gas
exploration industry. MEPL was catering only to the replacement
market for pressure vessels and heat exchangers till 2009-10. In
2010-11, it started executing heat exchanger fabrication orders
from large original equipment manufacturers.


MULTI-FLEX LAMI-PRINT: CRISIL Cuts Ratings on INR675MM Loans to D
-----------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Multi-Flex Lami-Print Ltd to 'CRISIL D/CRISIL D' from 'CRISIL
B/Stable/CRISIL A4'. The downgrade reflects delays by Multi-Flex
in payment of debt obligations because of its weak liquidity.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit             333.9     CRISIL D (Downgraded from
                                     'CRISIL B/Stable')

   Funded Interest          66.7     CRISIL D (Downgraded from
   Term Loan                         'CRISIL A4')


   Working Capital         181.4     CRISIL D (Downgraded from
   Term Loan                         'CRISIL B/Stable')


   Letter of Credit         15.0     CRISIL D (Downgraded from
                                     'CRISIL B/Stable')

   Inland/Import            58.0     CRISIL D (Downgraded from
   Letter of Credit                  'CRISIL B/Stable')


   Import Letter of         20.0     CRISIL D (Downgraded from
   Credit Limit                      'CRISIL B/Stable')

Multi-Flex has a weak financial risk profile marked by eroded net
worth and inadequate debt protection indicators, and is exposed to
intense competition in the domestic flexible packaging industry.
However, Multi-Flex benefits from its promoters' industry
experience.

Multi-Flex was incorporated in March 1991. It manufactures and
sells packaging laminates to fast-moving consumer goods,
pesticides, and agricultural chemical companies. Multi-Flex has
two manufacturing facilities in Mahad (Maharashtra).

For 2012-13 (refers to financial year, April 1 to March 31),
Multi-Flex reported a net loss of INR499 million on net sales of
INR1.4 billion, as against a profit after tax of INR7 million on
net sales of INR1.9 billion for 2011-12.


NAMA HOTELS: ICRA Suspends 'D' Rating on INR252.93cr Loans
----------------------------------------------------------
ICRA has suspended the long-term rating of '[ICRA]D' outstanding
on the INR252.93 crore fund-based limits of Nama Hotels Private
Limited. The suspension follows ICRA's inability to carry out a
rating surveillance in the absence of the requisite information
from the company.

According to its suspension policy, ICRA may suspend any rating
outstanding if in its opinion there is insufficient information to
assess such rating during the surveillance exercise.


NATIONAL SPOT: Assets May Be Liquidated To Pay Investors
--------------------------------------------------------
Khushboo Narayan at The Wall Street Journal's livemint.com reports
that National Spot Exchange Ltd (NSEL) and suspects in the
INR5,574.35 crore settlement crisis at the commodities bourse risk
their assets being liquidated to help pay investors their dues
before the police presses charges in the case.

"Normally liquidation of assets is done only after a chargesheet
is filed," the report quotes Himanshu Roy, joint commissioner at
the economic offences wing (EOW) of Mumbai police, as saying.
"However, this is a stand-alone case involving a large number of
investors who have pressing needs, so we are considering
liquidation."

livemint.com relates that investors may be returned their dues on
a proportionate basis after the proposed asset liquidation.

"Till now, we have only received only 4% of the total money
invested in NSEL," said Ketan Shah, an investor of NSEL,
livemint.com reports. "It will be a huge relief for investors if
EOW decides to liquidate the attached assets and get us at least
25% of our investment back."

According to the report, the statement by the EOW official came a
day after the investigating agency seized the assets of Jignesh
Shah, chairman and managing director of Financial Technologies
(India) Ltd (FTIL), and directors on the board of NSEL.

The others included Joseph Massey, former chief executive officer
of MCX Stock Exchange Ltd (MCX-SX); Shreekant Javalgekar, former
chief executive officer and managing director of Multi Commodity
Exchange of India Ltd (MCX); and Shankarlal Guru, former chairman
of NSEL, the report adds.

National Spot Exchange is a Commodities exchange in India.
Financial Technologies (India) Ltd, promoted by Jignesh Shah,
controls 99.99% of NSEL.


NATURE EFFICIENT: CARE Assigns 'B+' Rating to INR13.96cr LT Loans
-----------------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of Nature
Efficient Electronics Pvt Ltd.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank        13.96      CARE B+ Assigned
   Facilities

Rating Rationale

The rating assigned to the bank facilities of Nature Efficient
Electronics Pvt Ltd is primarily constrained on account of its
weak financial risk profile marked by huge cash loss and
negative net-worth. Furthermore, the rating is also constrained by
the limited track record of operations, low capacity utilization
and presence in a highly competitive industry. The rating,
however, derive strength from the well experienced promoters and
strong financial support from its group companies.

The ability of NEEPL to increase its scale of operations by way of
increasing its capacity utilization and improve its profitability
and better inventory management will be the key rating
sensitivities.

Mumbai-based NEEPL was incorporated on September 29, 2009 by Mr
Mukesh Patel, Mr Ranjan Patel and Mr Chetan Patel. NEEPL is
engaged in the manufacturing of Compact Fluorescent Lamp (CFLs).
NEEPL is a part of Shree Ram Group of companies engaged in
diversified industry segments like ship breaking and real estate.

During FY13 (refers to the period April 1 to March 31), NEEPL
registered a net loss of INR64.52 crore on a total operating
income of INR41.15 crore as against a net loss of INR0.27 crore on
a total operating income of INR47.36 crore in FY12. During H1FY14
(provisional), NEEPL has reported a sale of INR23.50 crore.


PANCHSHEEL BUILDTECH: CRISIL Suspends B+ Rating on INR900MM Loans
-----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Panchsheel Buildtech Private Limited.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Proposed Long-Term       450      CRISIL B+/Stable Suspended
   Bank Loan Facility

   Term Loan                450      CRISIL B+/Stable Suspended
The suspension of ratings is on account of non-cooperation by
Panchsheel with CRISIL's efforts to undertake a review of the
ratings outstanding. Despite repeated requests by CRISIL,
Panchsheel is yet to provide adequate information to enable CRISIL
to assess Panchsheel's ability to service its debt. The suspension
reflects CRISIL's inability to maintain a valid rating in the
absence of adequate information. CRISIL considers information
availability risk as a key credit factor in its rating process and
non-sharing of information as a first signal of possible credit
distress, as outlined in its criteria 'Information Availability
Risk in Credit Ratings'

Panchsheel was set up as a private limited company in 2006 by Mr.
Ashok Kumar Choudhary and his son, Mr. Anuj Kumar Choudhary.
Panchsheel is part of the Ghaziabad (Uttar Pradesh)-based
Panchsheel group, and is engaged in residential real estate
development in Ghaziabad and the National Capital Region. The
group commenced operations in 1995 by undertaking construction of
residential houses and repairing residential and commercial
complexes under a joint venture named UTC Joint Ventures. Over the
years, the group has completed various residential and some
commercial projects, primarily in Ghaziabad. All the group's
projects were undertaken under joint ventures with various players
in the real estate industry. Capitalising on its experience in the
real estate development industry, the group set up Panchsheel
Promoters Pvt Ltd in 2004, and completed its first independent
project, SPS Residency, a 438-flat residential project, in
Ghaziabad. Following the success of this project, the group
decided to undertake future residential real estate projects under
its Panchsheel which was set up as flagship company Panchsheel in
2006 Panchsheel has five ongoing projects, of which, two are in
Ghaziabad and three are in Greater Noida.


RADHAMOHAN BUILDERS: CARE Reaffirms B- Rating on INR13.96cr Loans
-----------------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
Radhamohan Builders Private Limited.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank       13.96       CARE B- Reaffirmed
   Facilities

   Short-term Bank       1.31       CARE A4 Reaffirmed
   Facilities

Rating Rationale

The ratings continue to remain constrained on account of the
stressed liquidity position of Radhamohan Builders Private Limited
due to cash losses and highly leveraged capital structure. The
ratings are further constrained by the small scale of operations
through single property causing revenue concentration risk in the
highly competitive market of Jaipur.

These constraints continue to be offset by the benefit derived
from the vast experience of the promoters in diversified
businesses, operations of RBPL managed by a reputed hotel chain
and infusion of funds by the promoters in the form of unsecured
loan.

RBPL's ability to increase its scale of operations through
achievement of better occupancy level and high average room rent
resulting in improved cash accruals and consequent improvement in
the liquidity position are the key rating sensitivities.

RBPL was incorporated in December 2004 by Mr Surja Ram Meel to
carry out hotel business at Jaipur, Rajasthan. RBPL started its
commercial operations in November 2007. Mr Surja Ram Meel,
chairman, holds 51% of the equity share capital in RBPL in his own
name as well as through associate concerns and the rest (49%) is
held by Ager Hotels India Private Limited.

RBPL operates a four star hotel having 108 rooms, three
restaurants and four banquet halls. Earlier, RBPL was operating
the property under the brand "Golden Tulip" at Jaipur. However,
the company has terminated its franchise agreement with Golden
Tulip, Netherlands and entered into an agreement with Lemon Tree
Hotels Limited (LTHL)for its brand "Lemon Tree Premier" in
February 2013. At present, LTHL owns and operates 24 hotels in 14
cities with about 2,800 rooms and 3,000 employees in India.

As per audited results of FY13 (refers to the period April 1 to
March 31), RBPL reported a total income of INR10.40 crore (FY12:
INR11.07 crore) with a net losses of INR0.22 crore (FY12: INR0.41
crore). As per the provisional results for 7MFY14, RBPL registered
a TOI of around INR3.71 crore.


RAMKRISHNA SOLVEX: ICRA Suspends 'D' Rating on INR7cr Loans
-----------------------------------------------------------
ICRA has suspended the '[ICRA]D' rating assigned to the INR7.0
crore bank limits of Ramkrishna Solvex Pvt Ltd. The suspension
follows ICRA's inability to carry out a rating surveillance in the
absence of the requisite information from the company.


SANYA HOSPITALITY: CRISIL Reaffirms D Rating on INR1.65BB Loan
--------------------------------------------------------------
CRISIL's rating on the bank facilities of Sanya Hospitality Pvt
Ltd continues to reflect instances of delays by the company in
meeting its term loan obligations due to weak liquidity. SHPL has
weak liquidity because of a lower-than-expected top line, and high
interest and financial costs leading to negative net cash accruals
of its hotel.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Term Loan                1,650    CRISIL D (Reaffirmed)

SHPL is also exposed to increasing competition in the hotel
segment. Moreover, the company's financial flexibility is
constrained by cash losses booked by the company over the last 4
years through 2012-13. However, SHPL benefits from its
collaboration with Marriott International, Inc (Marriott), for
operational and brand support.

SHPL was founded by Mr. Roop Madan and Smt. Bela Madan in 2007, to
acquire and implement a hotel project. In July 2009, the company
acquired a 198-room, four-star hotel - 'Courtyard by Marriott' -
in the Sushant Lok integrated township in Gurgaon (Haryana), from
Unitech Ltd. The hotel became operational in December 2009.

SHPL reported a net loss of INR197.2 million on revenues of
INR475.9 million for 2012-13. The company reported a loss of
INR279.7 million on revenues of INR550.48 million for the previous
year.


SHREE SATSANGI: CRISIL Reaffirms 'D' Rating on INR101.5MM Loan
--------------------------------------------------------------
CRISIL's ratings on the bank facility of Shree Satsangi Saket Dham
Ram Ashram continue to reflect instances of delay by SSSDRA in
servicing its term debt.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Rupee Term Loan          101.5    CRISIL D (Reaffirmed)

The delays have been caused by the trust's weak liquidity,
primarily driven by cash flow mismatches. While the trust's
management plans to adopt practices to ensure liquidity for debt
repayment, possibly through creation of fixed deposits, the
discipline is still to be demonstrated.

SSSDRA's ratings continue to be impacted by its modest net worth
and exposure to a high degree of regulatory risks. These rating
weaknesses are partially offset by the support that SSSDRA's
business risk profile gets from the increasing demand for courses
offering technical education.

SSSDRA was set up as a trust in 2001 by Mr. Bharatbhai Rao and his
family members. It currently operates KJ College of Pharmacy, KJ
Institute of Management, and KJ Institute of Engineering and
Technology, offering bachelors and masters courses in pharmacy,
management, and engineering.

SSSDRA posted an excess of income over expenditure of INR0.34
million on net income of INR65.3 million in 2012-13 (refers to
financial year, April 1 to March 31) as against INR0.32 million
and INR48.2 million, respectively, in 2011-12.


SHREE TATYASAHEB: CRISIL Cuts Ratings on INR1.0BB Loans to 'D'
--------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Shree Tatyasaheb Kore Warana Sahakari Navshakti Nirman Sanstha
Limited to 'CRISIL D' from 'CRISIL B-/ Stable'.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Proposed Long-Term      488.8     CRISIL D (Downgraded from
   Bank Loan Facility                'CRISIL B-/Stable')

   Term Loan               511.2     CRISIL D (Downgraded from
                                     'CRISIL B-/Stable')

The downgrade reflects delays by Warana Navshakti in servicing its
debt obligations; the delays have been caused by the society's
weak liquidity, resulting from significant delay in commencement
of operations of its fourth hydroelectric project as well as delay
in realization of receivables from Maharashtra State Electricity
Distribution Company Limited.

The rating also reflects Warana Navshakti's weak financial risk
profile, marked by a high gearing and weak debt protection
metrics, and exposure to risks related to maintaining optimal
capacity utilization on a consistent basis. These rating
weaknesses are partially offset by Warana Navshakti's power
purchase agreement with Tata Power Trading Company Ltd. (TPTCL)
and the support from the Warana group.

Warana Navshakti is a co-operative society engaged in hydro-
electric power generation. The society was registered in 2005 and
is a part of Warana group of societies. It has set up four power
plants at Chitri, Kumbhi, Kadavi and Patgaon in Kolhapur district
of Maharashtra. Currently, three of the plants at Chitri, Kumbhi
and Kadavi are operational while the plant at Patgaon is expected
to commence its commercial operations shortly. Mr. Vinay Kore is
the founder chairman of Warana Navshakti. The day-to-day
operations of the society are managed by Mr. S.R. Patil, Chief
Executive Officer with support from other functional
professionals.

Warana Navshakti reported a net loss of INR18 million on operating
income of INR106.9 million for 2012-13 (refers to financial year,
April 1 to March 31) as against a net loss of INR19.5 million on
operating income of INR105.3 million for 2011-12.


SLEEV TOBACCO: CRISIL Lowers Ratings on INR105MM Loans to 'D'
-------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Sleev Tobacco Company Pvt Ltd to 'CRISIL D' from 'CRISIL
B/Stable'.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit              100      CRISIL D (Downgraded from
                                     'CRISIL B/Stable')

   Proposed Long-Term         5      CRISIL D (Downgraded from
   Bank Loan Facility                'CRISIL B/Stable')

The rating downgrade reflects continuously overdrawn cash credit
limits of STCPL, on account of weak liquidity.

The ratings reflect STCPL's weak financial risk profile, marked by
high gearing, and small scale of operations. Also, the ratings
reflect the company's limited track record in the intensely
competitive tobacco industry. These rating weaknesses are
partially offset by the extensive entrepreneurial experience of
STCPL's promoters.

Set up in 2011, STCPL is engaged in trading in and processing
unmanufactured tobacco. It was promoted by Mr. Koteswara Rao and
is based in Guntur, Andhra Pradesh.

STCPL, on a provisional basis, reported a profit after tax of
INR1.7 million on net sales of INR224.3 million, for 2012-13
(refers to financial year, April 1 to March 31), against a profit
after tax of INR0.43 million on net sales of INR58.9 million, for
2011-12.


SRC PROJECTS: CRISIL Reaffirms 'B-' Rating on INR65MM Loan
----------------------------------------------------------
CRISIL's rating on the bank facilities of SRC Projects Pvt Ltd
continues to reflect the SRC's working capital intensive
operations, and geographical and segmental concentration in
revenue profile. These rating weaknesses are partially offset by
SRC's above-average capital structure and debt protection metrics
and the benefits that the company derives from its promoters'
extensive industry experience.

                         Amount
   Facilities          (INR Mln)   Ratings
   ----------          ---------   -------
   Bank Guarantee         400      CRISIL A4 (Reaffirmed)
   Overdraft Facility      65      CRISIL B-/Stable  (Reaffirmed)

Outlook: Stable

CRISIL believes that SRC will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' in case the company improves
its liquidity, resulting from higher-than-expected cash accruals,
or smaller-than-expected working capital requirements or debt-
funded capex. Conversely, the outlook may be revised to 'Negative'
in case of more-than-expected pressure on its liquidity, resulting
from lower-than-expected cash accruals, or in the event of larger-
than-expected withdrawal of unsecured loans or working capital
requirements or debt-funded capex plans.

Update

SRC's revenues for 2012-13 (refers to financial year, April 1 to
March 31) increased to INR973.6 million from INR871.1 million in
2011-12, due to execution of more high value contracts and
increased off-take in the sand quarrying segment. Also, the
operating profitability of the company was stable at around 11.1
per. SRC's operating margin has remained stable driven by the
company's focus on execution of higher margin private sector
projects and is expected to remain at similar levels over the
medium term. The company has reported revenues of INR450 million
for the six months ended September 30, 2013.

SRC's financial risk continues to remain above-average marked by
moderate net worth and low gearing. The company had a net worth of
INR283 million and a gearing of 0.93 times as on March 31, 2013.
Despite the absence of any significant debt-funded capex plans
over the medium term, the gearing is expected to remain at similar
levels over the medium term, due to the company's increased
dependence on borrowed funds to meet the working capital
requirements.

SRC's liquidity profile continues to remain stretched marked by
high bank limit utilisation partially supported from sufficient
accruals vis-a-vis debt obligations. The company's bank lines were
utilised at an average 99.5 per cent over the 12 months through
September 2013. It is expected to generate net cash accruals of
INR76 million during 2013-14, which are sufficient to meet its
debt obligations of INR12 million maturing during the year. CRISIL
believes that SRC's liquidity profile shall remain stretched over
medium term owing to its high working capital requirements.

SRC reported a profit after tax (PAT) of INR15.9 million on net
sales of INR973.6 million for 2012-13, as against a PAT of INR8.6
million on net sales of INR871.1 million for 2011-12.

SRC, established in 1964, undertakes industrial construction
activities and also operates quarries. During 2012-13 (refers to
financial year, April1 to March 31), the company earned about 46
per cent of its revenues from the industrial construction segment,
and 54 per cent from quarry operations. SRC's operations are
primarily concentrated in Tamil Nadu.


SRI SARASWATHI: CRISIL Reaffirms 'B' Rating on INR22.5MM Loan
-------------------------------------------------------------
CRISIL's rating on the bank facilities of Sri Saraswathi Saw Mills
continues to reflect the firm's small scale of operations in a
highly fragmented timber industry; modest financial risk profile,
marked by high total outside liabilities to tangible net worth
(TOLTNW) and working-capital-intensive operations. These rating
weaknesses are partially offset by the extensive experience of
SSM's promoters in the timber trading and saw mill industries.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Foreign Letter            75      CRISIL A4 (Reaffirmed)
   of Credit

   Overdraft Facility        22.5    CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that SSM will benefit over the medium term from
the promoters' extensive experience in the timber trading segment.
The outlook may be revised to 'Positive' if the promoters infuse
substantial equity; or if SSM's revenues and profitability improve
sustainably thereby improving its financial risk profile.
Conversely, the outlook may be revised to 'Negative' if SSM's
profitability declines due to volatility in raw material prices
and foreign exchange rates; or the firm undertakes a larger-than-
expected debt-funded capital expenditure (capex) programme; or the
promoters withdraw sizeable capital thereby leading to
deterioration in the firm's financial risk profile.

Update

For 2012-13 (refers to financial year, April 1 to March 31), SSM
reported revenues of INR94.2 million, which were marginally lower
than CRISIL's expectations. CRISIL believes that SSM's revenues
will range between INR100 million and INR110 million during 2013-
14. The firm's operating profitability during 2012-13 was around
13 per cent, marginally higher than CRISIL's expectations. SSM's
operating margin is likely to range between 10 and 13 per cent
over the medium term.

SSM's operations remain working-capital-intensive, driven by large
inventory holding requirements and credit extended to end-users.
Consequently, the firm's gross current assets (GCAs) have remained
high from 300 to 330 days over the past three years. CRISIL
believes that SSM's working capital intensity will remain high
over the medium term. The firm's liquidity is, however, supported
by the absence of term debt commitments and funding support
through unsecured loans from the promoters. As of March 2013,
unsecured loans from the promoters were INR31.6 million. These
loans have been treated as neither debt nor equity, as they are
non-interest bearing and subordinated to bank borrowings.

SSM reported a profit after tax (PAT) of INR1.4 million on net
sales of INR94.1 million for 2012-13, vis--vis a PAT of INR1.4
million on net sales of INR122 million for 2011-12.

SSM was established in 1972 in Tamil Nadu. The firm trades and
processes hardwood. SSM is promoted by Mr. Shantilal Patel, and is
currently managed by his sons, Mr. Hiralal Patel and Mr. Rajendra
Patel.


THERMOSOL GLASS: CRISIL Assigns 'B+' Ratings to INR470MM Loans
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Thermosol Glass Pvt Ltd.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Long-Term Loan            340     CRISIL B+/Stable
   Bank Guarantee             25     CRISIL A4
   Cash Credit               130     CRISIL B+/Stable

The ratings reflect TGPL's exposure to risks related to
stabilisation of its on-going project, and to significant
competition, given the presence of established players in the
global parabolic mirror market. The rating also factors in the
substantial debt-funding involved in TGPL's project. These rating
weaknesses are partially offset by the favourable long-term
prospects for concentrated solar power (CSP) plants, globally,
which will be the end users of the TGPL's parabolic mirrors.

Outlook: Stable

CRISIL believes that TGPL will commission its project without
significant cost or time overruns. The outlook may be revised to
'Positive' if the company stabilises operations at its new
facility and generates adequate cash accruals. Conversely, the
outlook may be revised to 'Negative' if TGPL faces difficulties in
implementing the project due to any cost overrun or other factors,
or experiences delays in stabilising its operations after
commissioning, leading to additional debt or lower-than-expected
cash generation.

TGPL was incorporated in March 2011, to set up a glass processing
unit in Kutch district of Gujarat, primarily to supply parabolic
mirrors to CSP plants. The unit is estimated to have an installed
capacity of 1.52 million square metres (sqm) or 169 megawatt (MW)
of parabolic mirrors, per annum. On a relatively small scale, the
company also proposes to supply windshield glasses (estimated
capacity of 0.11 million sqm) to the automobile industry, and
refrigerator glasses (0.21 million sqm). TGPL is a part of the
Ahmedabad (Gujarat)-based Cargo group, and is a wholly-owned
subsidiary of the group's flagship company, Cargo Motors Pvt Ltd
(CMPL).

TGPL's plant is expected to commence commercial operations in the
near term, and once commissioned, the company will be among the
first domestic manufacturers and suppliers of parabolic mirrors to
CSP plants. The project cost is estimated at around INR906
million, and is being funded in a debt-to-promoters' contribution
ratio of 70:30; TGPL has achieved financial closure for the
project. As of June 30, 2013, the company expended around INR536.8
million towards the project, funded through debt of INR125.6
million, promoters' contribution of INR271.3 million, and the
balance by way of credit from suppliers.

CMPL, established in 1959, is one the largest dealers of
commercial vehicles of Tata Motors Ltd (rated 'CRISIL AA-
/Positive/CRISIL A1+') in Gujarat, with estimated revenues of
around INR23 billion. The Cargo group is promoted by Mr. Jayant
Nanda and his family.


TIRUPATI EDUCATIONAL: CRISIL Suspends B- Rating on INR60MM Loan
----------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of Tirupati
Educational and Welfare Society.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Proposed Long-Term        60      CRISIL B-/Negative Suspended
   Bank Loan Facility

The suspension of ratings is on account of non-cooperation by TEWS
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, TEWS is yet to
provide adequate information to enable CRISIL to assess TEWS's
ability to service its debt. The suspension reflects CRISIL's
inability to maintain a valid rating in the absence of adequate
information. CRISIL considers information availability risk as a
key credit factor in its rating process and non-sharing of
information as a first signal of possible credit distress, as
outlined in its criteria 'Information Availability Risk in Credit
Ratings'

CRISIL has combined the business and financial risk profiles of
TEWS and Tirupati Educational and Welfare Trust (TEWT). This is
because these entities, which are together referred to as the
Tirupati group, have a common management and fungible cash flows.

TEWS, set up in 1998 by Mr. Sudhir Giri, is part of the
Venkateshwara Group of Institutions (VGI), which runs two colleges
in Meerut (Uttar Pradesh), Venkateshwara Institute of Computer
Science & Technology and Choudhary Narendra Singh College. These
colleges offer courses in engineering, management, pharmacy, and
polytechnic with affiliation to Uttar Pradesh Technical University
and Chaudhary Charan Singh University.


VISHVAS GINNING: CRISIL Ups Ratings on INR145MM Loans to 'B+'
-------------------------------------------------------------
CRISIL has upgraded its long-term rating on the bank facilities of
Vishvas Ginning & Industries to 'CRISIL B+/Stable' from 'CRISIL
B/Stable'.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Term Loan                 20      CRISIL B+/Stable (Upgraded
                                     from 'CRISIL B/Stable')

   Cash Credit              120      CRISIL B+/Stable (Upgraded
                                     from 'CRISIL B/Stable')

   Proposed Long-Term         5.0    CRISIL B+/Stable (Upgraded
   Bank Loan Facility                from 'CRISIL B/Stable')

The rating upgrade reflects a healthy and sustainable improvement
in VGI's revenues. VGI's revenues of INR1.04 billion in 2012-13
(refers to financial year, April 1 to March 31), grew over of 65
per cent on a year-on-year basis, driven by an increase in average
price of cotton and sales volumes. The firm is further expected to
achieve moderate growth of about 10 per cent in 2013-14, backed by
expectations of a good cotton season. Although operating
profitability remains modest because of low value addition, the
firm has doubled its cash profits to INR5.1 million in 2012-13,
backed by scaling up of operations. In the current year, backed by
a good monsoon leading to improved availability of raw cotton,
operating profitability is expected to improve marginally.

The upgrade also reflects improvement in VGI's liquidity,
supported by prepayment of term loan and continual fund support
from promoters. The firm has prepaid its term loan of INR4 million
in 2012-13 and has no repayment obligations over the medium term.
The prepayment has been supported by an improvement in the firm's
accruals and fund support from partners. The partners have infused
equity of INR22 million over the four years ended March 31, 2012;
the partners have also infused additional equity of INR6 million
in the current year. The bank limit utilisation remains high at
around 95 per cent during the peak season and at an average of
about 70 per cent throughout the year. The firm's accruals are
expected to increase to around INR7 million in 2013-14, which, in
the absence of any repayment obligations, will be fully available
to fund its working capital requirements.

CRISIL's ratings continue to reflect its below-average financial
risk profile, marked by high gearing and average debt protection
metrics, susceptibility to intense competition in the cotton
ginning industry, and low bargaining power. These rating
weaknesses are partially offset by the extensive experience of
VGI's promoters in ginning and cotton trading industry.

Outlook: Stable

CRISIL believes that VGI will continue to benefit from its
promoter's extensive experience in the cotton ginning and trading
industry and its moderate working capital requirements over the
medium term. The outlook may be revised to 'Positive' in case of
sustainable and significant increase in cash accruals or in case
of any large equity infusion lead to improvement in capital
structure. Conversely, the outlook may be revised to 'Negative' if
VGI's profitability declines because of volatility in cotton
prices, or its financial risk profile particularly its liquidity,
deteriorates because of a stretch in working capital cycle, or any
larger-than-expected, debt-funded capex.

VGI was set up in 2003 as a partnership firm by the Ganibhai and
the Abhrambhai families. It undertakes ginning and pressing
cotton, and sells cotton bales, cotton seed, and cotton seed oil
as well as its by-products. Its plant is located at Bhavnagar
(Gujarat).



====================
N E W  Z E A L A N D
====================


ASTRA ENTERPRISES: Liquidator Can't Take Theft Case to High Court
-----------------------------------------------------------------
The New Zealand Herald reports that a Nelson liquidator convicted
of theft by a person in a special relationship has lost a bid to
take his case to the Supreme Court.

Patrick Norris -- pat@nmsnz.co.nz -- of Norris Management
Services, was appointed liquidator of a property development firm
called Astra Enterprises in 2009, the report discloses.

The Herald relates that Mr. Norris received around NZ$80,000 of
Astra's assets while he was the company's liquidator and this was
deposited into his company's accounts. It was largely used to
repay his and Norris Management's debts.

According to the report, Companies Office inspectors probed the
Astra liquidation in 2011 after being contacted by one of Norris
Management's former employees.  Mr. Norris told the Companies
Office the NZ$80,000 had been spent on his fees and the matter was
then referred to the police, which brought a case against him, the
report relays.

The report says the Crown alleged that little work had been done
on the Astra file and Mr. Norris had created NZ$80,000 worth of
invoices to try to justify the dissipation of the funds.

The Herald relates that Mr. Norris response was that he could
prove he had done all the work if he could find the Astra file,
which he discovered was missing when the Companies Office official
visited him.

After a trial in the Nelson District Court last year, Mr. Norris
was convicted of a single charge of theft by a person in a special
relationship, the Herald recalls.

The Herald states that Mr. Norris was sentenced to 10 months' home
detention, 100 hours of community and ordered to pay around
NZ$31,000 to a set of Astra's creditors.

The liquidator, who is disqualified from directing a company until
2017, took his case to the Court of Appeal earlier this year,
fighting his conviction and part of his sentence, according to the
Herald.

In a decision at the end of October, the Herald recounts, Justices
Rodney Hansen, Ellen France and Jillian Mallon and dismissed the
appeal of Mr. Norris' conviction and said he should instead pay
reparations to Astra rather than the creditors directly.

Mr. Norris then sought to take his case to the Supreme Court,
appealing against the refusal to quash his conviction, but his bid
was denied on December 4 by Justices John McGrath, William Young
and Susan Glazebrook.


JASONS TRAVEL: Bennetts Group Acquires Assets From Receivers
------------------------------------------------------------
Collette Devlin at stuff.co.nz reports that Bennetts Group has
acquired the assets of Jasons Travel Media from the receivers for
an undisclosed sum.

According to the report, the travel and accommodation guide
publisher, which last month told its lenders to appoint a receiver
because of a deteriorating financial position, will become a new
member of the Bennetts Group and will continue to trade.

stuff.co.nz relates that the deal includes 62 magazine
publications, the Jasons websites, and more than 4,000
distribution points across New Zealand.

The report says Invercargill-based Preston Russell Law partner and
Southland Chamber of Commerce president Sean Woodward has been
appointed director of the new company -- Jasons (2013) Ltd. He is
also lawyer for the company.

"The whole idea is to make sure the receivership does not affect
the business, which it has not because it has all happened so
quickly," the report quotes Mr. Woodward as saying.

stuff.co.nz notes that the acquisition had been required to be
completed under a tight time frame, which meant Bennetts would be
assessing the requirements of the business during the coming
months and talking with customers and suppliers as soon as
possible.

All but one of Jasons' 70 staff members were offered employment on
existing terms and conditions, the report adds.

Auckland, New Zealand-based Jasons Travel Media Ltd --
http://www.jasons.co.nz/-- is engaged in multi-media business.
The Company is a multi-media creator and distributor of travel,
tourism and leisure information for New Zealand, Australia and the
South Pacific Islands through its Website www.jasons.co.nz,
printed travel guides, maps and directories. The Company also
hosts tourism and travel-related Websites and manages contract
print and digital publishing, distributes print brochures and
visitor information for independent third parties. The Company
operates in the tourism markets of New Zealand, Australia and the
South Pacific. The Company's subsidiaries include Jasons Travel
Media Pty Limited, Visitorpoint Ltd, Southern Brochure
Distribution Ltd, Today & Tonight Ltd and Carlton Tourism
Promotions Ltd.

Craig Crosbie of business advisory and insolvency company PPB
Advisory, had been appointed as the company's receiver.


WELLINGTON FOODBANK: Being Liquidated Following Fundraising
-----------------------------------------------------------
NZ City News reports that Wellington Foodbank Service Inc. is
being liquidated after fundraising huge amounts of money but
providing little aid to people in need.

Other foodbanks in Wellington are relieved Wellington Foodbank
Service will be liquidated after its aggressive fundraising
tactics and misuse of money had flow on effects for the whole
sector, DCM (formerly Downtown Community Ministry) Director
Stephanie McIntyre said, according to NZ City News.

"It is a tragedy that over four years, generous Wellingtonians
have been misled by a renegade service that has extracted a huge
amount of donor money while assisting very few needy people," the
report quoted Ms. McIntyre as saying.

DCM, City Mission and Foodbank Coalition members have had serious
concerns about the operations since it began in 2010, the report
recalls.

The reports notes that Ms. McIntyre hoped the liquidation would
put an end to fielding a constant flow of phone calls from irate
donors, upset by the aggressive fundraising tactics and
questioning where their money has gone.

"We are pleased to note that they have ceased operations, but our
questions and those of the people who donated to them, remain
unanswered," the report quoted Ms. McIntyre as saying.

Charities Services, part of the Department of Internal Affairs, is
investigating Wellington Foodbank Service, which is no longer
operating, the Wellington City Mission says, the report relays.

The operation started off calling itself the Wellington City
Foodbank Service, which is similar to the Wellington City Mission
and caused a large amount of confusion, Wellington City Mission
Chief Executive Michelle Branney said, the report relates.

"The people they called felt they had been pressured to give to
this foodbank, often having been told that there was pressing
demand on their service," Ms. Branney added, the report discloses.

It had also given donors the impression it had support from other
organizations in the sector in Wellington, the report notes.

The operation did not join the Wellington Regional Foodbank
Coalition, a network that promotes professional standards, and
ignored requests from coalition members that it operate using
sector-wide best practice, the report discloses.

The coalition said there was no evidence to suggest another
foodbank was necessary in the Wellington area, the report adds.



=====================
P H I L I P P I N E S
=====================


MANILA SEEDLING: Quezon City Government Shuts Down Compound
-----------------------------------------------------------
Jeannette I. Andrade at the Philippine Daily Inquirer reports that
the Quezon City government on December 9 shut down the seven-
hectare Manila Seedling Bank compound at the corner of Edsa and
Quezon Avenue as it evicted 82 tenants from the area for operating
without permits.

The closure coincided with Mayor Herbert Bautista's State of the
City Address although city administrator Victor Endriga quickly
pointed out that the two events just happened to be scheduled on
the same day, the Inquirer relates.

The Inquirer recalls that the city government took over the
compound last year after the Manila Seedling Bank Foundation
failed to pay PHP57.208 million in real estate taxes between 2001
and 2011. This was after the Supreme Court ruled that although the
compound was owned by the National Housing Authority (NHA), the
foundation was not exempted from paying taxes, the report says.

According to the Inquirer, the city's business permits and
licensing office (BPLO) on December 6 issued 82 cease-and-desist
orders to stall owners and tenants in the compound after they
failed to secure the necessary permits from the Mayor's Office and
building official as required under the National Building Code.

The orders were the second batch to be issued by BPLO against the
Manila Seedling Bank tenants since March, the report notes.

The Manila Seedling Bank Foundation Inc. is a member of the
International Society of Arboriculture (ISA) and an environmental
NGO (non-governmental organization) was founded in 1977 initially
as a seedling producer.


* PHILIPPINES: Regulators to Shore Up Country's Insolvency System
-----------------------------------------------------------------
Paolo G. Montecillo at the Philippine Daily Inquirer reports that
the country is in dire need of reforms in the resolution of
insolvency of corporations and individuals which, if overlooked,
could cause harmful stress points in the financial system and the
real economy.

According to the Inquirer, Bangko Sentral ng Pilipinas (BSP) said
most Asian markets including the Philippines have historically
inadequate insolvency systems, which are supposed to be the rules
covering the orderly liquidation of assets of companies that go
under or individuals that lose the capability to pay their debts.

Insolvency rules also aim to balance competing claims of various
creditors against a debtor's assets, the report notes.

"Weak insolvency systems have been identified as one of the key
shortcomings of the Asian markets. The Asian financial crisis of
1997-1998 focused a glaring spotlight on this weakness," the
Inquirer quotes BSP Governor Amando M. Tetangco Jr. as saying.
"Unprecedented expansion fueled speculation that eventually led to
a collapse of institutions, compelling   governments to step in-
and putting a drag on economies that took years to shake off."

The Inquirer notes that insolvency laws aim to protect the rights
of creditors in the event that borrowers default on their loans.
This helps in ensuring that the financial system avoids an
accumulation of toxic assets, which can lead to the collapse of
the banking industry.

Fortunately, Mr. Tetangco said, debt levels of local firms and
households have not reached unmanageable levels, the Inquirer
adds.

"Consumer loans, while they have gone up, continue to be well
managed. Past due ratios have been contained," he told reporters,
the Inquirer relays. "And overall, Philippine corporations are
really not that leveraged. There may be some but, overall, there
has been no overleveraging for Philippines corporations."

Still, Mr. Tetangco said, improving insolvency procedures in the
Philippines would be vital in improving the country's business
climate, the Inquirer reports.

He said most insolvency proceedings in the Philippines focus on
the liquidation of a company's assets. Tetangco said the focus
should be on detecting possible causes of insolvency before a
company goes bankrupt, the report adds.



====================
S O U T H  K O R E A
====================


* SOUTH KOREA: More Big Businesses at Risk of Insolvency
--------------------------------------------------------
The Chosun Ilbo reports that a growing number of subsidiaries of
large family-owned conglomerates or chaebol that dominate Korea's
business landscape are at risk of insolvency, according to a study
by the LG Economic Research Institute.

Chosun Ilbo relates that companies that were once flush with cash
are joining the ranks of borderline insolvent firms that are
having trouble paying even the interest on their loans from the
money they make.

Some 99.1 percent of the total debt of borderline businesses is
owed by chaebol subsidiaries, up from 90.4 percent in 2007, the
report discloses.

According to Chosun Ilbo, the study showed that the average debt
of a borderline company increased 5.4 fold from KRW127 billion in
2005 to KRW679.9 billion this year. In contrast, the amount of
loans taken out by financially stable companies rose just
1.9 fold from KRW239.4 billion to KRW461 billion over the same
period.

In other words, companies at risk of insolvency saw their debt
load increase almost three times faster than companies with solid
fundamentals, the report notes.

As more chaebol subsidiaries fail to repay their debts on time,
banks' insolvent loans have grown markedly. As of September,
insolvent loans from domestic financial institutions stood at
KRW39.8 trillion, up KRW6.8 trillion compared to the end of 2012,
the report discloses.

"As insolvencies among major businesses grow, not only are
lenders' profitability and financial health deteriorating, but the
jitters could spread throughout the money markets," the report
quotes Lee Han-deuk at the LG Economic Research Institute, as
saying.



===============
X X X X X X X X
===============


* Upcoming Meetings, Conferences and Seminars
---------------------------------------------

Dec. 2, 2013
   BEARD GROUP, INC.
      20th Annual Distressed Investing Conference
          The Helmsley Park Lane Hotel, New York, N.Y.
          Contact: 240-629-3300 or http://bankrupt.com/

Dec. 5-7, 2013
   AMERICAN BANKRUPTCY INSTITUTE
      Winter Leadership Conference
         Terranea Resort, Rancho Palos Verdes, Calif.
            Contact: 1-703-739-0800; http://www.abiworld.org/

The Meetings, Conferences and Seminars column appears in the
Troubled Company Reporter each Wednesday.  Submissions via
e-mail to conferences@bankrupt.com are encouraged.



                             *********

Tuesday's edition of the TCR-AP delivers a list of indicative
prices for bond issues that reportedly trade well below par.
Prices are obtained by TCR-AP editors from a variety of outside
sources during the prior week we think are reliable.   Those
sources may not, however, be complete or accurate.  The Tuesday
Bond Pricing table is compiled on the Friday prior to
publication.  Prices reported are not intended to reflect actual
trades.  Prices for actual trades are probably different.  Our
objective is to share information, not make markets in publicly
traded securities.  Nothing in the TCR-AP constitutes an offer
or solicitation to buy or sell any security of any kind.  It is
likely that some entity affiliated with a TCR-AP editor holds
some position in the issuers' public debt and equity securities
about which we report.

A list of Meetings, Conferences and Seminars appears in each
Wednesday's edition of the TCR-AP. Submissions about insolvency-
related conferences are encouraged.  Send announcements to
conferences@bankrupt.com

Friday's edition of the TCR-AP features a list of companies with
insolvent balance sheets obtained by our editors based on the
latest balance sheets publicly available a day prior to
publication.  At first glance, this list may look like the
definitive compilation of stocks that are ideal to sell short.
Don't be fooled.  Assets, for example, reported at historical
cost net of depreciation may understate the true value of a
firm's assets.  A company may establish reserves on its balance
sheet for liabilities that may never materialize.  The prices at
which equity securities trade in public market are determined by
more than a balance sheet solvency test.


                            *********


S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter-Asia Pacific is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA.
Valerie U. Pascual, Marites O. Claro, Joy A. Agravante, Rousel
Elaine T. Fernandez, Julie Anne L. Toledo, Frauline S. Abangan,
and Peter A. Chapman, Editors.

Copyright 2013.  All rights reserved.  ISSN: 1520-9482.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding,
electronic re-mailing and photocopying) is strictly prohibited
without prior written permission of the publishers.
Information contained herein is obtained from sources believed
to be reliable, but is not guaranteed.

TCR-AP subscription rate is US$775 for 6 months delivered via e-
mail.  Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance
thereof are US$25 each.  For subscription information, contact
Peter Chapman at 215-945-7000 or Nina Novak at 202-241-8200.



                 *** End of Transmission ***